Oil Products Summary: Diesel, Gasoline Cracks Steady

Diesel and gasoline crack spreads are holding steady today after last week saw gasoline cracks ease lower following weak demand concerns. Diesel markets are maintaining recent strength supported by tight supplies, recent refinery disruptions and low global inventories.

• Imports of European gasoline into the US fell by 14% week-on-week in the 7-days to 4 Aug.
• The removal of petrol subsidies in Nigeria is having a negative impact on European refiners, as they lose one of their major outlets for gasoline exports. Nigerian gasoline demand has fallen by almost 30% after the change.
• Russian exports of refined oil products increased in July as refinery runs increased and turnarounds eased. Exports are expected to rise again in August.
• Russian oil refineries raised processing rates in early August ahead of lower fuel subsidies as of September according to a person with knowledge of the matter.
• Global airline seat capacity reached its peak for 2023 in the week to 7 August, according to OAG.
• US gasoline crack up 1.2$/bbl at 35.32$/bbl
• US ULSD crack down -1$/bbl at 45.09$/bbl
• EU Gasoline-Brent up 1.2$/bbl at 21.8$/bbl
• EU Gasoil-Brent down -0.7$/bbl at 31.06$/bbl
• Gasoil AUG 23 down -1.8% at 887.5$/mt